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LONDON Jardine Lloyd Thompson Group P.L.C. is to acquire a majority holding in a recently formed Singapore-based employee benefits advisor.
Under an agreement reached with Asian life insurance service provider, International WMS Pte Ltd., JLT will take a 50.1% shareholding in JLT Private Client Services Pte Ltd.
International WMS Pte Ltd., which will hold the remaining 49.9%, has transferred its business to JLT Private Client Services, the recently formed holding company. Under the terms of the agreement London-based brokerage JLT will pay International WMS a maximum cash consideration of $6.0 million, it said in a statement.
Dominic Burke, chief executive of JLT said: "JLT is already recognized as one of the leading insurance brokers in the Far East and this development clearly demonstrates the group's intention also to build out its employee benefits and life assurance activities in Asia."